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OPINION: Shocks in 2004 Could Derail Markets' Rally.

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From: Daily Mail (London)
Date: 20040102
Author:

Byline: Brett Arends

Jan. 2--P.G. Wodehouse's character Psmith put it well. "We must always distinguish," he said, "between the Unlikely and the Impossible."

Wodehouse's plots are riots of the unlikely -- but then so are markets. A swift return to good times has already been priced in. So what surprises might remain?

There are plenty of things which are Unlikely, but by no means Impossible, that might cloud hopes for a bright 2004.

1. The dollar crashes below $2 to the pound and $1.50 to the euro. America's trade deficit, already a record 5 percent of the economy ...

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